Turnberry Tower unveiled on MLS! Did they miss their target market?
Turnberry Tower has been the center of discussion in the real estate world lately. This intriguing all glass building in the center of Rosslyn has produced mixed feelings about whether or not it missed the target market.
Turnberry Towers is a reputable and distinguished company known for their luxurious, spacious, and top of the line condominiums. With great success in Vegas and Miami, they moved to their next location...Arlington. Obviously no one is going to oppose over sized 1-5bedroom condos, private elevators to units, valet, indoor swimming pool, and unparalleled custom touches; but is that what Arlington resident really want or need? With all these celebrity level touches, there comes a price. A STEEP price. These condo fees are much higher than other Rosslyn condominiums (which is quite high as it is) and the prices of each unit are at a premium. A 1 bedroom/1 bathroom unit right now is starting at $670,000 with the condo fees stated at $508/month (which we all know will jump up...this is just a rough estimate). Two bedrooms listed right now are for $2,500,000.
Lets play a game...which one doesn't belong? Vegas, Miami, Arlington.
Obviously Vegas and Miami are terrific locations for the ultra luxurious crowd, but Arlington residents have shown to want new, nice, simple, and compact. With simple market research, Turnberry Towers would have realized that this is not what residents here are looking for.
Don't get me wrong, these condos are BEAUTIFUL, and if I could live in this building I would in a heart beat. But, the fact that other buildings in the immediate area have people lining up left and right to buy, and this project is not doing as well as expected shows you how important market research is to developers...
Any thoughts?
posted by Alexandra @ 7:00 AM
3 Comments:
Very insightful! I like the Waterview project better.
I have heard that Turnberry has an indoor pool, 24-hour-attendant in the health club, valet parking, doormen and private elevators. This equals sky-high condo fees.....
Per square foot Waterview is more expensive than Turnberry with fewer amenities. Go to Georgetown and the per square foot prices of Water Street and Zinc are even higher (with no metro).
Turnberry is expensive, no doubt, but there are plenty of foreign dignitaries, lobbyists, that are willing to pay for the amenities.
The market sucks, there aren't many (maybe any) developments that have people lining up at this point.
Time will tell on Turnberry, but remember, per square foot it's cheaper than other upscale competition
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